Global Biomass Power Market Growth Analysis by Revenue & Volume

According to a report by Triton, the global biomass power market was valued at $74.05 billion (by revenue) and 6775.45 MWh (by volume) in 2021.

A recent study by Triton Market Research titled 'Global Biomass Power Market' includes the Global Analysis and Forecasts by Feedstock (Solid Biomass, Municipal Solid Waste, Liquid Biomass, Biogas), Technology (Anaerobic Digestion, Gasification, Co-firing & CHP, Combustion, LFG), Application (Commercial, Industrial, Residential), and Regional Outlook (Europe, Middle East and Africa, Asia-Pacific, Latin America, North America).

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According to a survey by Triton Market Research, the worldwide biomass power market is expected to grow at compound annual growth rates (CAGRs) of 6.08% and 6.51% for both revenue and volume. By 2028, it is anticipated to generate $111.07 billion in revenue with a volume of 10448.15 million MWh.

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Globally, nations have shifted to greener and more efficient energy sources in recent years as environmental concerns over carbon emissions from the use of conventional fuels for power generation and transportation have grown.

In accordance with their long-term energy efficiency goals, countries like the United States, France, the United Kingdom, Germany, Canada, China, and India are promoting the development of clean energy technologies. The implementation of favorable government policies & regulations for this purpose is expected to aid the development of the biomass power market.

In contrast, the availability of alternate renewable energy sources can be a setback for the biomass power market. In the previous decade, the solar and wind power market had grown quickly due to increased R&D and the availability of financial incentives. Solar and wind power are irregular energy sources; thus, they cannot supply constant electricity.

However, with the emergence of battery energy storage, solar and wind power projects may be employed as a source of constant power supply due to reduced battery costs. Thus, solar and wind energy can act as alternatives to biomass power, hampering the market's growth.

The biomass power market is divided into feedstock, technology, and application. The feedstock segment includes solid biomass, municipal solid waste, liquid biomass, and biogas. Based on technology, the market is branched into anaerobic digestion, gasification, co-firing & CHP, combustion, and LFG. Lastly, the application segment consists of commercial, industrial, and residential.

The high dependence of countries in Latin America on depleting fossil fuels has led their respective governments to look for alternative fuels. As a result, the region's biomass power market is expected to observe the fastest growth in the coming years. The major factor responsible for the substantial rise in the demand for biofuels is the increasing number of initiatives by national governments in the region to ensure their energy security & energy independence.

The leading players in the biomass power market include Suez SA, E.ON Energy, Veolia Environnement SA, Thermax Ltd, General Electric Company, Orsted, Valmet Oyj, Mitsubishi Heavy Industries Ltd, Xcel Energy Inc, Vattenfall AB, Ramboll Group, Ameresco Inc, and Babcock & Wilcox Enterprises.

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Question & Answer: Biomass Power Market

Question 1: What factors contribute to the biomass power market's development?
Answer: In recent years, countries worldwide have switched to cleaner and more efficient energy sources due to growing environmental concerns about carbon emissions caused by using conventional fuels for transportation and power generation.

In accordance with their long-term energy efficiency goals, countries like the United States, France, the United Kingdom, Germany, Canada, China, and India are promoting the development of clean energy technologies. The implementation of favorable government policies & regulations for this purpose is expected to aid the development of the biomass power market.

Question 2: What can hamper the growth of the global biomass power market?
Answer: In contrast, the availability of alternate renewable energy sources can be a setback for the biomass power market. In the previous decade, the solar and wind power market had grown quickly due to increased R&D and the availability of financial incentives. Solar and wind power are irregular energy sources; thus, they cannot supply constant electricity.

However, with the emergence of battery energy storage, solar and wind power projects may be employed as a source of constant power supply due to reduced battery costs. Thus, solar and wind energy can act as alternatives to biomass power, hampering the market's growth.

Question 3: Which region is expected to grow the fastest in the biomass power market?
Answer: The high dependence of countries in Latin America on depleting fossil fuels has led their respective governments to look for alternative fuels. As a result, the region's biomass power market is expected to observe the fastest growth in the coming years. The major factor responsible for the substantial rise in the demand for biofuels is the increasing number of initiatives by national governments in the region to ensure their energy security & energy independence.

Question 4: Which are the leading players in the global biomass power market?
Answer: The leading players in the biomass power market include Suez SA, E.ON Energy, Veolia Environnement SA, Thermax Ltd, General Electric Company, Orsted, Valmet Oyj, Mitsubishi Heavy Industries Ltd, Xcel Energy Inc, Vattenfall AB, Ramboll Group, Ameresco Inc, and Babcock & Wilcox Enterprises.

Related Report:

Global Energy Harvesting Market-
https://www.tritonmarketresearch.com/reports/global-energy-harvesting-market

The global energy harvesting market is expected to advance at a CAGR of 10.15% during the forecast period of 2020-2028.

Energy harvesting systems provide an efficient alternative for the use of conventional power sources, such as batteries. Their adoption has been particularly advantageous, as devices powered by these systems can be virtually operated infinite times without any adverse effects on the environment.

The development of the studied market is anticipated to be aided by factors such as the development of technologically advanced manufacturing industries, the rising demand for sensors by smart cities, and rising IoT adoption for building automation. IoT-powered building automation systems help increase energy efficiency, thus driving the growth of the energy harvesting market, globally.

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